MUST SHOW WORK!

Padris Company issued 480,000 shares of $10 par common stock with a fair value of $10,200,000 for all the voting common stock of Salim Comapny. In addition, Padris incurred the following costs: Legal fees to arrange the busines combination $100,000; Cost of SEC registration, including accounting and legal fees $48,000; cost of printing and issuing net stock certificates $12,000; Indirect costs of combining, including allocated overhead and executive salaries $80,000

Immediately before the acquisition in which Salim Company was dissolved, Salim's assets and equities were as follows (in thousands);

	Book Value	Fair Value
Curent Assets	$4,000	$4,400
Plant Assets	6,000	8,800
Liabilities	1,200	1,200
Common Stock	8,000
Retained Earnings	800

Required:

Prepare all journal entires on Pidris's books to record the acquisition.